Estonia: bonds

The development of the capital market and its infrastructure in the years following Estonia’s independence has been affected by factors such as the government’s conservative fiscal policy and borrowing, which has resulted in modest issuance of government bonds, the currency board system, where Eesti Pank does not conduct an active monetary policy and banks’ liquidity management is carried out through international financial structures, and the relatively high cost of local resources compared to foreign funds, all of which have supported the bank-based financing of Estonia’s economy.
Debt instruments accounted for less than 5 percent of GDP by the end of March 2009. The secondary market is also shallow, as buy and hold investors snap up the few issues available.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
corporate
EUR 70 1 828 577 571
USD 1 1 000 000
NOK 1 900 000 000
SEK 1 30 000 000
municipal
EUR 11 136 567 552
SEK 1 51 509 640

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Aktsiaselts PlusPlus Capital, 12% 1oct2019, EUR - Domestic bonds EE3300111079 12% 5 000 000  EUR 12/20/2016 10/01/2019
Nordic Hypo Capital, 7% 05dec2021, EUR - Domestic bonds EE3300111061 7% 1 000 000  EUR 12/05/2016 12/05/2021
Creditstar International, 8% 01sep2017, EUR - Domestic bonds EE3300111038 8% 3 000 000  EUR 12/01/2016 09/01/2017
Creditstar International, 11% 01jun2018, EUR - Domestic bonds EE3300111046 11% 12 000 000  EUR 12/01/2016 06/01/2018
Creditstar International, 12.5% 01dec2019, EUR - Domestic bonds EE3300111053 12.5% 15 000 000  EUR 12/01/2016 12/01/2019
Iutecredit Europe, 14% 15oct2019, EUR - Domestic bonds EE3300111020 14% 1 000 000  EUR 11/29/2016 10/15/2019
BONDKICK, 5% 20nov2019, EUR - Domestic bonds EE3300111012 5% 160 000  EUR 11/24/2016 11/20/2019
Creditstar International, 7% 17nov2019, EUR - Domestic bonds EE3300111004 7% 10 000 000  EUR 11/17/2016 11/17/2019
Tartu, 5% 30jun2022, EUR - Domestic bonds EE3300110998 5% 10 670 000  EUR 11/10/2016 06/30/2022
Tartu, FRN 24oct2026, EUR - Domestic bonds EE2300110594 0.323% 11 687 000  EUR 10/28/2016 10/24/2026

World Bond market statistics

Quarterly indices

Type III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015 I 2015
BIS volume of internetional-bond market of emerging countries
Estonian international bonds, USD bln 1.700 1.700 1.800 1.700 1.700 1.200 1.100
BIS net issues of internetional-bond market of emerging countries
International-bond net issue of Estonia, USD bln     0.000 0.000 0.600 0.000 0.000

Emerging Markets International Bonds

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
Eastern Europe International Bonds Markets
International bonds of Estonia, USD bln 1.495 1.505 1.559 1.596 1.581 1.582 1.571
Sovereign international bonds of Estonia, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Corporate international bonds of Estonia, USD bln 1.468 1.478 1.531 1.568 1.552 1.554 1.543
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Credit Risk Indicators

Daily indices

Type: 01/06/2016 01/05/2016 01/04/2016 12/31/2015 12/30/2015 12/29/2015 12/28/2015
CDS Emerging markets (sov.) 
CDS 5Y Estonia mid * * * * * * *
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Stock market (World)

Daily indices

Type: 08/25/2014 08/22/2014 08/21/2014 08/20/2014 08/19/2014 08/18/2014 08/15/2014
Stock market (Eastern Europe)
OMX Tallin (Estonia)  785.47 778.99 775.12 766.41 766.41 765.07 766.39
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Eesti Energia, 2.384% 22sep2023, EUR   EUR 09/22/2023 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Eesti Energia, 4.250% 2oct2018, EUR   EUR 10/02/2018 05/18/2016 *** *.** 05/18/2016 ***.*** *.**
Eesti Energia, 4.50% 18nov2020, EUR   EUR 11/18/2020 05/18/2016 ***.* *.* 05/18/2016 ***.** *.**
Elering, 4.625% 12jul2018, EUR   EUR 07/12/2018 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Nelja Energia, FRN 2021, EUR   EUR 06/02/2021 05/18/2016 ***.**** * 05/18/2016 ***.**** *
Pro Kapital Grupp, 8% 1jun2020, EUR   EUR 06/01/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
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